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Castor Maritime secures financing deals to grow fleet

Dry bulk shipowner Castor Maritime Inc. announced that it has secured financing deals to expand its fleet.

Castor Maritime entered into a $4.5m secured term loan facility with a financial institution, with a tenure of five years from an expected drawdown date of 31 January 2020.

Separately, the shipowner also entered into a securities purchase agreement with an institutional investor to which Castor Maritime will sell and the investor will purchase up to three convertible debentures for a maximum price of $5m.

The debentures will mature 12 months from their issuance and are convertible into common shares of the company.

Castor Maritime said it intends to use the net proceeds from both financing transactions for working capital and other general corporate purposes, including growing its fleet.

“We believe that the inflow of gross proceeds of $9.5m to our working capital reserves, at this point in the dry bulk market cycle, will allow us to take advantage of attractive growth opportunities potentially presented to us in the near future,” commented Petros Panagiotidis, ceo and cfo of Castor Maritime.

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